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GOLD AND CRUDE OUTLOOK: 11-12-2017

GOLD AND CRUDE OUTLOOK: 11-12-2017
December 12
02:52 2017

Gold and Crude Outlook

Gold looks weak but one can expect early bounce back due to oversold situation.  Gold has support at $1240 per troy ounce and resistance at $1272 per troy ounce.  Weak demand and strong dollar are the key reasons for the price correction.  Upbeat in US non-farm Payroll data and higher speculative interest in Bitcoin are other key reasons for the lower demand for the yellow metal.

Crude faced minor profit booking last week but still the outlook is positive and it could test  $59.19 per barrel and $60 per barrel in the near term.  Crude has strong support at $57.34 per barrel.  Higher demand from China is the key reason for the smart recovery in price.

 

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ALEX MATHEWS

ALEX MATHEWS

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